El Salvador launches Sivar stablecoin platform with Palo Alto startup Modveon
Crypto News reports El Salvador picked Palo Alto startup Modveon to run and expand a national digital platform, Sivar, offering cross-border payments under a five-year deal.
Why it matters
If Sivar works as described, El Salvador would be running a government-linked payment rail alongside its Bitcoin legal-tender framework, with Coinbase Ventures already exposed to the venture side. Crypto News is the only outlet covering the agreement, so the scope of the deal and its terms remain unverified.
Key facts
El Salvador's government partnered with Modveon to launch Sivar, a national digital platform.
Reported by Crypto News (CryptoNews.net)
Sivar is designed to connect Salvadorans with verified communities, businesses and public institutions and to provide cross-border payment services.
Reported by Crypto News (CryptoNews.net)
Modveon is a Palo Alto-based startup backed by Coinbase Ventures.
Reported by Crypto News (CryptoNews.net)
Modveon was founded in 2025 and is developing an identity-first digital infrastructure platform for governments and citizens.
Reported by Crypto News (CryptoNews.net)
Modveon raised $10 million in seed funding in February.
10,000,000 USDReported by Crypto News (CryptoNews.net)
Firebolt Ventures, Humla Ventures and Strategic Cyber Ventures joined Coinbase Ventures in Modveon's seed round.
Reported by Crypto News (CryptoNews.net)
Modveon said on Tuesday that it would operate and expand Sivar under the five-year agreement with AAB.
Reported by Crypto News (CryptoNews.net)
What happened
El Salvador's government has partnered with Modveon, a Palo Alto-based startup, to launch Sivar, a national digital platform that links Salvadorans to verified communities, businesses and public institutions and offers cross-border payment services, according to Crypto News. Under a five-year agreement with the Salvadoran public institution AAB, Modveon will operate and expand Sivar and its digital services, the company said on Tuesday. Modveon, founded in 2025, builds identity-first digital infrastructure for governments and citizens and raised $10 million in seed funding in February from Coinbase Ventures, Firebolt Ventures, Humla Ventures, Strategic Cyber Ventures and other investors and angels. The platform arrives in the same period as El Salvador's five-year mark as a Bitcoin legal-tender jurisdiction, which the outlet frames as the backdrop for the launch. Nothing in the single report says when Sivar goes live, how many users it targets or what fees it will charge, and no other outlet has reported the deal.
How the story developed
- First report
First report by Crypto News (CryptoNews.net)
El Salvador rolls out stablecoin app five years after Bitcoin legal tender move
- Update
Modveon raises $10 million seed round
Coinbase Ventures, Firebolt Ventures, Humla Ventures and Strategic Cyber Ventures backed the round alongside other investors and angels.
- Official statement
Modveon and El Salvador announce five-year Sivar agreement
Modveon said Tuesday that it will operate and expand Sivar and its digital services under the agreement with public institution AAB.
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto News (CryptoNews.net) Aggregator | El Salvador rolls out stablecoin app five years after Bitcoin legal tender move | Original |
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